Binance Set-Up Business in 'blockchain-friendly' Bermuda Island, Provides $15 million in Startup funds

The small island nation of Bermuda is now reaping the benefits of having a cryptocurrency friendly legislation. A few weeks back in April 2018, the country began making plans to attract financial technology entrepreneurs and investors by proposing a review of its current financial laws. The country’s minister of National Security Wayne Caines at the time presented a paperwork on a newly proposed regulatory framework to attract cryptocurrency investors into the country.

Binance, one of the world’s largest cryptocurrency exchange by trade volumes, has revealed plans to set up its new global compliance center in Bermuda over the next few months. Hence, the Prime Minister of Bermuda David Burt has signed a memorandum of understanding (MOU) with the group.

Premier David Burt disclosed during a joint press conference that the MOU signed under Binance Labs will provide a sum of $10 million for blockchain educational programs while another $5 million will be invested in Bermuda-based blockchain startups.

The Prime Minister also disclosed during the press conference that the partnership would focus on accomplishing a set of goals and objectives, Binance he said has decided, “that their goals align with our aims and objectives to provide a leading, well-regulated jurisdiction, ideally suited to the growth of the FinTech industry.”

Bermuda, a blockchain-friendly Island

Just recently, the Bermudan financial authorities did a review of all the country’s existing laws that have to do with blockchain and cryptocurrencies. This is aimed at making the island nation friendlier to attract financial technology entrepreneurs and investors. International businesses are already flocking to the nations as a result of the country’s zero-based corporate income tax laws.